Global insurance broker Acrisure has announced its acquisition of TEn Insurance Services Ltd. (Ten).
Under the terms of the acquisition, TEn will go to market as Eleven Network. The transaction is expected to close in the near term, pending FCA regulatory approvals.
Since 2005, the company has been providing services for industry professionals, operating as Appointed Representatives (ARs).
Mark McIlquham, President of Acrisure UK, commented: “TEn has provided valuable services for nearly 20 years and has an extremely loyal membership of high-quality Appointed Representatives. By launching as the Eleven Network, we will take this operation to a new level of service and success, built upon an incredible foundation!”
Additionally, the Eleven Network will operate with one infrastructure, ultimately supporting members’ long-term independence.
According to the announcement, the existing TEn management team, led by Dawn Derbyshire and Paul Sykes, will remain leaders within the Eleven Network.
At the same time, Acrisure has also made a number of senior hires and appointments to branch out the management team and support them with execution of strategic plans.
These include: Andy Fairchild, former CEO of Broker Network, as Chair of Eleven Network, and David Bruce, former Marsh Commercial CEO and COO, as CEO of Acrisure Networks and COO of Acrisure UK.
The firm has also appointed Simon Cooter, most recently Commercial Lines and High-Net-Worth Director at Covea, as a Non-Executive Director of Eleven Network; and Shahram Shayesteh, former Head of Compliance at The Standard P&I Club, as Chief Risk Officer for Acrisure UK Retail, including Eleven Network.
Derbyshire, commented: “We are privileged to have such loyal members of our network, many of whom have been with us for several years. We are excited to enhance the benefits of Eleven Network for those existing members as well as extending our proposition to the rest of the market.”
Bruce, added: “Eleven Network is a transparent network that listens to and delivers for Appointed Representatives and independent brokers in the UK. TEn is known for its fairness and transparency, values that will remain sacrosanct under the new ownership, supported by Acrisure’s own mission to be the most trusted advisor in the industry.
“By keeping the same leadership team in place, the takeover has ensured continuity where it matters, while bringing transformation to areas of the business that are ripe for development.”
Fairchild, said: “Eleven Network will continuously listen to our members, operate with complete transparency to the market, and relentlessly deliver on our promises. The ambition, culture and technology in Acrisure provides the perfect home. Our journey starts today.”
